| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 34,937.85 | 1.52% | 10.17% |
| Dow Jones Industrial Average | 51,202.26 | 0.66% | 6.53% |
| S&P 500 Index | 7,431.46 | 0.65% | 8.56% |
| Nasdaq Composite | 25,888.84 | 0.70% | 11.39% |
| 10-year Canadian Bond Yield | 3.40% | -0.08% | -0.02% |
| 10-year U.S. Treasury Yield | 4.48% | -0.07% | 0.30% |
| Canadian Dollar | US$0.7155 | -0.38% | -1.93% |
Prime Rate 4.45% |
|||
Weekly performance ended June 12, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Stock markets saw big momentum swings
On Monday, U.S. stock markets posted mixed results following the prior week’s pullback.The Dow slipped approximately 0.2%, but a recovery in AI-related shares helped the S&P 500 and Nasdaq advance 0.3% and 0.9%, respectively. This created a tailwind for Canada’s tech sector, which pushed the broader TSX index up 0.2%.
Tuesday brought more mixed performance. The Dow rose 0.2%, the S&P 500 declined 0.3% and the Nasdaq fell 1.0%. The TSX also finished slightly lower, with declines in energy and materials erasing the previous session’s gain.Selling pressure intensified on Wednesday. The S&P 500 fell 1.6%, the Dow dropped 1.9% and the Nasdaq declined close to 2.0%. The losses reflected continuing weakness in technology shares alongside escalating geopolitical tensions. The TSX also moved lower, falling 0.8%, with losses in materials and gold stocks partially offsetting energy gains.
Stock markets rebounded on Thursday, as easing geopolitical concerns improved sentiment. The Dow rose 1.9%, the S&P 500 gained 1.8%, and the Nasdaq climbed 2.5%, supported by a bounce in chip stocks. The TSX followed suit, advancing roughly 1.5%, with strength in materials and consumer stocks offsetting lagging oil prices.
The major stock indexes advanced further on Friday as oil prices fell, and inflation concerns eased. The debut of SpaceX stock also made headlines on Friday, soaring 19.2% on its first day of trading. The Nasdaq added 0.31%, the S&P 500 gained 0.5%, the Dow closed 0.7% higher, and Canada’s TSX increased 0.77%.
The Bank of Canada held rates steady
On Wednesday, Canada’s central bank announced it would keep its benchmark interest rate unchanged at 2.25%, marking its fifth consecutive hold. The decision aligned with expectations. The bank’s press release noted that “the conflict in the Middle East… [is] pushing up inflation,” while “trade policy uncertainty remains elevated.”
Recent data showed that Canada’s economic activity declined slightly in the first quarter. While employment has shown some resilience, overall job growth has remained limited this year. Policy-makers expect job growth to resume in the second quarter, but acknowledge the economy is still operating with excess supply.
Inflation has risen in recent months, reaching 2.8% in April, as higher energy prices pushed up costs. However, underlying price pressures have remained more contained. Policy-makers have seen “limited evidence of broad-based pass-through of higher energy prices,” and core inflation measures — which exclude food and energy costs — remain near 2%.
Bank of Canada Governor Tiff Macklem emphasized the balancing act facing policy-makers, stating the central bank is “continuing to look through the [U.S.-Iran] war’s near-term impact on headline inflation, but will not let higher energy prices become persistent inflation.”
Rising energy costs pushed U.S. inflation higher in May
Separate inflation reports released during the week reflected the impact of higher energy prices on the U.S. economy, and reinforced expectations that the U.S. Federal Reserve (the Fed) may keep interest rates elevated.
On Wednesday, the consumer price index update showed that headline inflation climbed to 4.2% year-over-year in May, reaching its highest level in three years. On a monthly basis, prices rose 0.5%. Core inflation remained moderate, increasing 0.2% on the month and 2.9% from a year earlier.
Producer price data released Thursday showed continued inflation pressures earlier in the supply chain. Wholesale prices rose 1.1% in May, above economist expectations, with a significant portion of the increase driven by higher energy costs. Core producer prices rose at a more moderate pace, suggesting much of the recent pressure remains concentrated in energy-related components.
Take advantage of market fluctuations
Dollar-cost averaging is a simple long-term strategy that can help you take advantage of dips in the market, smoothing out the peaks and valleys. This strategy can reduce the temptation to try to time the market and makes it easier to stay on your chosen financial path. All you need to do is contribute regularly. A Co-operators financial representative can help you plan an investment schedule that works for your timeline, budget and lifestyle. Find out more.
The Fed’s interest rate decision (June 17)
The Fed is widely expected to hold its benchmark interest rate steady on Wednesday. Given last week’s inflation data showing renewed upward pressure from energy prices, investors will watch the accompanying statement and commentary for signals on future monetary policy.
More important dates
- June 19: U.S. markets closed for Juneteenth National Independence Day
- July 1: TSX closed for Canada Day
- July 3: U.S. markets closed (Independence Day observed)
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The commentary in this report is based on current market conditions and market media sources available to the public and may change without prior warning at any time. The forecasts provided herein are not guarantees of future performance and include risks, uncertainty and assumptions. While Co-operators Financial Investment Services Inc. and Co-operators Life Insurance Company (“Co-operators”) believe these assumptions are reasonable, there is no guarantee they will be confirmed. This report is not a guarantee of future investment performance, nor should undue reliance be placed on this report. This report is provided as a general source of information for a specific point in time and should not be considered solicitation to buy or sell any investment. Nothing contained in this report constitutes investment, legal, tax or other advice. The content in this report should not be relied upon in making an investment or other decision, and individuals should obtain relevant and specific professional advice and read the terms and conditions contained in the relevant offering documents carefully before any investment decision is made. Co-operators is not responsible for any loss or damage as a result of reliance on the information contained in this report. Co-operators makes no representations or warranties as to the information contained herein and does not guarantee its accuracy, timeliness, completeness or usefulness.
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